Kuwaiti firm defaults on $200m sukuk payment

13 April 2010

Kuwait-based finance firm International Investment Group has said it has defaulted on a $200m Islamic bond payment. 'IIG has communicated to the sukuk holders through IIG Funding Ltd. of its inability to make the periodic distribution amount of $3.35m due on April 12,' the company said in a statement. The firm has appointed an international firm to review its business, before a financial restructuring at a later date.

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